“Net neutrality is just a demonization of big companies,” said Mr. Cuban at the Ritz-Carlton, Laguna Niguel in Dana Point, California.

The FCC wants to introduce laws that keep large media companies from being able to pay Internet service providers to cut in front of the line for priority Web traffic. To do that, the FCC is planning to reclassify the Internet as a public utility, Business Insider reported.

The “Shark Tank” star said there is no evidence to suggest that large companies have ever “throttled” the Internet to reduce speeds and argued that the FCC’s bid to regulate broadband providers is nothing more than an attack on big business.

Mr. Cuban also expressed fear in allowing a group of political appointees regulate the otherwise open Internet.

“Having them overseeing the Internet scares the s– out of me,” he said.

“They’re trying to introduce things that don’t need to be introduced,” he said. “I’ve talked to all the FCC commissioners, I’ve made presentations in front of them over the last 15 years. And they change every few years, and they’re politically appointed. And so the uncertainty associated with that, applied to the Internet, scares the s– out of me.”

“In six years, we won’t know who Tom Wheeler is,” Mr. Cuban added, referring to the current FCC chairman.